TRS ending in june and building a house

T

Troy McClure

Registered User
Messages
300
There is a proposal to end mortgage TRS in June by the governent to pay for more TRS for those buyers in negative equity from 04-08, be they rich or poor..
http://www.independent.ie/business/...fire-on-irish-debt-restructuring-2584212.html

We have planning and a site. We are trying to get started to get first drawdown by then but it's proving very difficult with a lot of delays etc.
This figure of June is been thrown out, but I cant find out if this is the begining or end of June..
I have contacted FG, revenue, dept of finance et al. No one can tell me! It's not the drawdown but the first payment date thats important.
This is causing us a lot of stress as we need to tie this down. I even asked a guy in FG to consider allowing people who have planning pre '10 the summer months (best building months) grace. We paid for site with savings and are committed to doing this. If we were browsing estate agent windows we could change out minds.
Who/What can I ask or even lobby on this?
 
I was told by finance there will be a finance bill of sorts in april/may as they also want to change VAT rate to 12%, and they expect this to be part of it.
Thus in relation to our situation and the questions we're asking whats current is irrevelent to us.
 
Its in the programme for government, and could be really bad for us. Anyone an idea what would be the cut off point, eg offer accepted or mortgage in place or contracts exchanged by the new cut off date?
 
Hi Leo
I was originally told by revenue trs section that your first repayment date is the important date for TRS purposes. Someone in AIB told be this is not the case as it when you start accruing interest. I.E Drawdown date. Someone in TRS did concede this and said the TRS forms ask when first repayment is and hence the confusion.
I was also told by tax office that when a month is mentioned it normally means the begining of the month.
I have reliably told there will be a mini budget of sorts and finance bill in april/may. They are saying 'June' for the TRS change so that probably means June 1st.
For any FTB building this takes away the summer months for getting started, not to mention the pressure for those trying to buy a house.
I suggest you contacting your local FG TD to try buy some time. I know loads of people who were FTB between 04-08 who are doing just fine financially but will benefit from increased TRS they dont need. The media dont critise this as everyone knows someone, if not themselves, who'll benefit from this, be it right or wrong. It's a great little country..
 
You must log in or register to reply here.
Back
Top